8-K 1 ace05sn1_10508.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 25, 2005 ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust (Exact name of registrant as specified in its charter) New York (governing law of 333-119047-08 Pooling and Servicing Agreement) (Commission 54-2169419 (State or other File Number) 54-2169420 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On August 25, 2005 a distribution was made to holders of ACE SECURITIES CORP. HOME EQUITY LOAN TRUST, Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust, relating to the August 25, 2005 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACE SECURITIES CORP. HOME EQUITY LOAN TRUST Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Securities Administrator By: /s/ Beth Belfield as Officer By: Beth Belfield as Officer Date: 8/25/2005 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Pass-Through Certificates, Series 2005-SN1 Trust, relating to the August 25, 2005 distribution. EX-99.1

ACE Securities Corporation Asset Backed Pass-Through Certificates Record Date: 67/3029/2005 Distribution Date: 78/25/2005 ACE Securities Corporation Asset Backed Pass-Through Certificates Series ACE 2005-SN1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution A-1 004421MQ3 SEN 4.25000% 8379,~~040~~027,~~074~~896.1566 ~~294~~279,~~100~~890.2647 A-2 004421MV2 SEN 5.~~13000~~23000% 58,680,000.00 ~~250~~275,~~857~~307.00 M-1 004421MR1 MEZ 5.52000% 4,543,000.00 20,897.80 M-2 004421MS9 MEZ 5.77000% 2,478,000.00 11,915.05 M-3 004421MT7 MEZ 6.00000% 1,239,000.00 6,195.00 M-4 004421MU4 MEZ 6.00000% 1,239,000.00 6,195.00 CE-1 A05SN1CE1 SEN 0.00000% 826,050.35 ~~274~~262,~~448~~869.8785 CE-2 A05SN1CE2 SEN 0.00000% 0.00 87,~~153~~926.4003 R ACE05SN1R SEN 0.00000% 0.00 0.00 Totals ~~152~~148,~~045~~032,~~124~~947.5001 ~~872~~871,~~762~~196.3820

Certificateholder Distribution Summary (continued) Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses A-1 4,~~012~~313,~~177~~693.4996 0.00 7974,~~027~~714,~~896~~202.6670 4,~~306~~593,~~277~~584.7543 0.00 A-2 0.00 0.00 58,680,000.00 ~~250~~275,~~857~~307.00 0.00 M-1 0.00 0.00 4,543,000.00 20,897.80 0.00 M-2 0.00 0.00 2,478,000.00 11,915.05 0.00 M-3 0.00 0.00 1,239,000.00 6,195.00 0.00 M-4 0.00 0.00 1,239,000.00 6,195.00 0.00 CE-1 0.00 0.00 826,050.35 ~~274~~262,~~448~~869.8785 0.00 CE-2 0.00 0.00 0.00 87,~~153~~926.4003 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 4,~~012~~313,~~177~~693.4996 0.00 ~~148~~143,~~032~~719,~~947~~253.0105 45,~~884~~184,~~939~~890.8716 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 97,031,000.00 8379,~~040~~027,~~074~~896.1566 0.00 4,~~012~~313,~~177~~693.4996 0.00 0.00 A-2 58,680,000.00 58,680,000.00 0.00 0.00 0.00 0.00 M-1 4,543,000.00 4,543,000.00 0.00 0.00 0.00 0.00 M-2 2,478,000.00 2,478,000.00 0.00 0.00 0.00 0.00 M-3 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00 M-4 1,239,000.00 1,239,000.00 0.00 0.00 0.00 0.00 CE-1 69.19 826,050.35 0.00 0.00 0.00 0.00 CE-2 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 0.00 Totals 165,210,069.19 ~~152~~148,~~045~~032,~~124~~947.5001 0.00 4,~~012~~313,~~177~~693.4996 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 4,~~012~~313,~~177~~693.4996 7974,~~027~~714,~~896~~202.6670 0.~~81446029~~77000343 4,~~012~~313,~~177~~693.4996 A-2 0.00 58,680,000.00 1.00000000 0.00 M-1 0.00 4,543,000.00 1.00000000 0.00 M-2 0.00 2,478,000.00 1.00000000 0.00 M-3 0.00 1,239,000.00 1.00000000 0.00 M-4 0.00 1,239,000.00 1.00000000 0.00 CE-1 0.00 826,050.35 11,938.86905622 0.00 CE-2 0.00 0.00 0.00000000 0.00 R 0.00 0.00 0.00000000 0.00 Totals 4,~~012~~313,~~177~~693.4996 ~~148~~143,~~032~~719,~~947~~253.0105 0.~~89602860~~86991824 4,~~012~~313,~~177~~693.4996

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 97,031,000.00 ~~855~~814.~~80973246~~46029269 0.00000000 4144.~~34943977~~45686389 0.00000000 A-2 58,680,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 4,543,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 2,478,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 1,239,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE-1 69.19 11938869.05622200 0.00000000 0.00000000 0.00000000 CE-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 4144.~~34943977~~45686389 ~~814~~770.~~46029269~~00342880 0.~~81446029~~77000343 4144.~~34943977~~45686389 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE-1 0.00000000 0.00000000 11,938,869.05622200 11938.86905622 0.00000000 CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 97,031,000.00 4.25000% 8379,~~040~~027,~~074~~896.1566 ~~294~~279,~~100~~890.2647 0.00 0.00 A-2 58,680,000.00 5.~~13000~~23000% 58,680,000.00 ~~250~~255,~~857~~747.00 0.00 0.00 M-1 4,543,000.00 5.52000% 4,543,000.00 20,897.80 0.00 0.00 M-2 2,478,000.00 5.77000% 2,478,000.00 11,915.05 0.00 0.00 M-3 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00 M-4 1,239,000.00 6.00000% 1,239,000.00 6,195.00 0.00 0.00 CE-1 69.19 0.00000% 826,050.35 0.00 0.00 0.00 CE-2 0.00 0.00000% 0.00 0.00 0.00 0.00 R 0.00 0.00000% 0.00 0.00 0.00 0.00 Totals 165,210,069.19 ~~590~~580,~~160~~840.1132 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 0.00 0.00 ~~294~~279,~~100~~890.2647 0.00 7974,~~027~~714,~~896~~202.6670 A-2 0.00 0.00 ~~250~~275,~~857~~307.00 0.00 58,680,000.00 M-1 0.00 0.00 20,897.80 0.00 4,543,000.00 M-2 0.00 0.00 11,915.05 0.00 2,478,000.00 M-3 0.00 0.00 6,195.00 0.00 1,239,000.00 M-4 0.00 0.00 6,195.00 0.00 1,239,000.00 CE-1 0.00 0.00 ~~274~~262,~~448~~869.8785 0.00 826,050.35 CE-2 0.00 0.00 87,~~153~~926.4003 0.00 0.00 R 0.00 0.00 0.00 0.00 0.00 Totals 0.00 0.00 ~~872~~871,~~762~~196.3820 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 97,031,000.00 4.25000% ~~855~~814.~~80973246~~46029269 32.~~03099278~~88454690 0.00000000 0.00000000 A-2 58,680,000.00 5.~~13000~~23000% 1000.00000000 4.~~27500000~~35833333 0.00000000 0.00000000 M-1 4,543,000.00 5.52000% 1000.00000000 4.60000000 0.00000000 0.00000000 M-2 2,478,000.00 5.77000% 1000.00000000 4.80833333 0.00000000 0.00000000 M-3 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 M-4 1,239,000.00 6.00000% 1000.00000000 5.00000000 0.00000000 0.00000000 CE-1 69.19 0.00000% 11938869.05622200 0.00000000 0.00000000 0.00000000 CE-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.00000000 0.00000000 32.~~03099278~~88454690 0.00000000 ~~814~~770.~~46029269~~00342880 A-2 0.00000000 0.00000000 4.~~27500000~~69166667 0.00000000 1000.00000000 M-1 0.00000000 0.00000000 4.60000000 0.00000000 1000.00000000 M-2 0.00000000 0.00000000 4.80833333 0.00000000 1000.00000000 M-3 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 M-4 0.00000000 0.00000000 5.00000000 0.00000000 1000.00000000 CE-1 0.00000000 0.00000000 ~~3966597~~3799246.~~34065616~~27836393 0.00000000 11938869.05622200 CE-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 45,~~950~~242,~~634~~873.0994 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 6271,~~417~~545.1177 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0(3,867.0040) Prepayment Penalties 0.00 Total Deposits 5,~~013~~310,~~051~~552.2031 Withdrawals Reimbursement for Servicer Advances 5862,~~439~~417.2611 Payment of Service Fee 6963,~~672~~245.0704 Payment of Interest and Principal 45,~~884~~184,~~939~~890.8716 Total Withdrawals (Pool Distribution Amount) 5,~~013~~310,~~051~~552.2031 Ending Balance 0.00

SERVICING FEES Gross Servicing Fee 5150,~~478~~292.1216 Credit Risk Manager Fee- Risk Management Group, LLC 3,~~167~~084.6102 ~~FGIC Insurance 4,890.00~~ Master Servicing Fee 109,~~136~~868.3486 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee 6963,~~672~~245.0704

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 010 0 0 010 0509,410.0017 0.00 0.00 0509,410.0017 30 Days 7587 13 0 0 7690 45,~~479~~466,~~090~~302.9364 70109,~~576~~344.1566 0.00 0.00 45,~~549~~575,~~667~~647.0830 60 Days 2523 0 0 0 2523 1,~~469~~196,~~072~~008.6842 0.00 0.00 0.00 1,~~469~~196,~~072~~008.6842 90 Days 912 02 01 0 915 ~~352~~792,~~930~~532.0360 049,443.0025 042,874.0064 0.00 ~~352~~884,~~930~~850.0349 120 Days 43 0 03 0 46 ~~119~~59,~~280~~685.62 0.00 0165,633.0067 0.00 ~~119~~225,~~280~~319.6229 150 Days 23 0 01 0 24 ~~190~~64,~~533~~233.6823 0.00 055,047.0039 0.00 ~~190~~119,~~533~~280.6862 180+ Days 0 0 02 0 02 0.00 0.00 0190,533.0068 0.00 0190,533.0068 Totals ~~115~~128 115 07 0 ~~116~~150 67,~~610~~578,~~907~~762.9451 70668,~~576~~198.1508 0454,089.0038 0.00 68,~~681~~701,~~484~~049.0997 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.~~000000~~616523% 0.000000% 0.000000% 0.~~000000~~616523% 0.~~000000~~353960% 0.000000% 0.000000% 0.~~000000~~353960% 30 Days 45.~~501801~~363748% 0.~~060024~~184957% 0.000000% 0.000000% 45.~~561825~~548705% 3.~~021763~~798218% 0.~~047613~~075977% 0.000000% 0.000000% 3.~~069376~~874196% 60 Days 1.~~500600~~418002% 0.000000% 0.000000% 0.000000% 1.~~500600~~418002% 0.~~991092~~831037% 0.000000% 0.000000% 0.000000% 0.~~991092~~831037% 90 Days 0.~~540216~~739827% 0.~~000000~~123305% 0.~~000000~~061652% 0.000000% 0.~~540216~~924784% 0.~~238100~~550685% 0.~~000000~~034355% 0.~~000000~~029791% 0.000000% 0.~~238100~~614832% 120 Days 0.~~240096~~184957% 0.000000% 0.~~000000~~184957% 0.000000% 0.~~240096~~369914% 0.~~080471~~041472% 0.000000% 0.~~000000~~115089% 0.000000% 0.~~080471~~156561% 150 Days 0.~~120048~~184957% 0.000000% 0.~~000000~~061652% 0.000000% 0.~~120048~~246609% 0.~~128541~~044632% 0.000000% 0.~~000000~~038249% 0.000000% 0.~~128541~~082881% 180+ Days 0.000000% 0.000000% 0.~~000000~~123305% 0.000000% 0.~~000000~~123305% 0.000000% 0.000000% 0.~~000000~~132391% 0.000000% 0.~~000000~~132391% Totals 67.~~902761~~891492% 0.~~060024~~924784% 0.~~000000~~431566% 0.000000% 69.~~962785~~247842% 45.~~459967~~266045% 0.~~047613~~464292% 0.~~000000~~315521% 0.000000% 46.~~507580~~045858%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 6271,~~417~~545.1177

REO Detail - All Mortgage Loans in REO during Current Period

Summary 12 Month REO History* New REO Loans Month REO Percentage Loans in REO 0 ~~Aug~~Sep-04 0.000% Original Principal Balance 0.00 ~~Sep~~Oct-04 0.000% Current Principal Balance 0.00 ~~Oct~~Nov-04 0.000% ~~Nov~~Dec-04 0.000% Current REO Total ~~Dec~~Jan-0405 0.000% Loans in REO 0 ~~Jan~~Feb-05 0.000% Original Principal Balance 0.00 ~~Feb~~Mar-05 0.000% Current Principal Balance 0.00 ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.000% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Summary 12 Month Foreclosure History* New Foreclosure Loans Month Foreclosure Percentage Loans in Foreclosure 05 ~~Aug~~Sep-04 0.000% Original Principal Balance 0338,838.00 ~~Sep~~Oct-04 0.000% Current Principal Balance 0304,427.0022 ~~Oct~~Nov-04 0.000% ~~Nov~~Dec-04 0.000% Current Foreclosure Total ~~Dec~~Jan-0405 0.000% Loans in Foreclosure 07 ~~Jan~~Feb-05 0.000% Original Principal Balance 0484,883.00 ~~Feb~~Mar-05 0.000% Current Principal Balance 0454,089.0038 ~~Mar~~Apr-05 0.000% ~~Apr~~May-05 0.000% ~~May~~Jun-05 0.000% ~~Jun~~Jul-05 0.000% ~~Jul~~Aug-05 0.~~000~~316% *The text reported in the above table is presented graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at www.ctslink.com.

Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period Month Loan First Original Loan Entered Payment LTV at Principal Group Number FC Date State Origination Balance NoSummary ~~Foreclosure~~0000368035 ~~loans~~Jul-2005 ~~this~~13-Jul-2000 ~~period~~IA 88.21 74,093.00 Summary 0000368252 Aug-2005 15-Jun-1998 IN 86.61 118,650.00 Summary 0000368461 Aug-2005 13-May-1999 PA 96.08 61,012.00 Summary 0000369422 Jul-2005 05-Jan-1999 OH 89.94 71,952.00 Summary 0000369663 Aug-2005 20-Jan-2000 PA 46.75 32,492.00 Summary 0000369734 Aug-2005 10-Sep-2000 KS 90.01 72,008.00 Summary 0000369890 Aug-2005 01-Jun-1999 MI 94.27 54,676.00

Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period (continued) Current Paid Current Approximate Loan Principal To Months Loan Delinquent Group Number Balance Date Delinquent Rate Interest NoSummary ~~Foreclosure~~0000368035 ~~loans~~72,906.95 ~~this~~13-Feb-2005 ~~period~~4 9.500% 2,775.62 Summary 0000368252 113,778.47 15-Dec-2004 6 10.000% 5,485.01 Summary 0000368461 55,047.39 13-Jan-2005 5 11.500% 3,066.95 Summary 0000369422 76,755.21 05-Dec-2004 6 7.500% 2,278.24 Summary 0000369663 20,931.02 20-Feb-2005 4 11.750% 1,191.95 Summary 0000369734 71,795.70 10-Feb-2005 4 12.750% 4,449.78 Summary 0000369890 42,874.64 01-Mar-2005 3 10.400% 1,794.92

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Gross Coupon 7.~~432380~~447654% Weighted Average Net Coupon 7.~~026095~~039970% Weighted Average Pass-Through Rate 6.~~921094~~934970% Weighted Average Maturity(Stepdown Calculation) ~~263~~262 Beginning Scheduled Collateral Loan Count 1,~~698~~666 Number Of Loans Paid In Full 3244 Ending Scheduled Collateral Loan Count 1,~~666~~622 Beginning Scheduled Collateral Balance ~~152~~148,~~045~~032,~~124~~947.5001 Ending Scheduled Collateral Balance ~~148~~143,~~032~~719,~~947~~253.0105 Ending Actual Collateral Balance at 3029-~~Jun~~Jul-2005 ~~148~~143,~~227~~917,~~742~~542.7783 Monthly P&I Constant 1,~~275~~246,~~182~~782.82 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 03,867.0040 Cumulative Realized Loss 26,~~151~~019.9030 Scheduled Principal ~~333~~329,~~335~~518.3358 Unscheduled Principal 3,~~678~~984,~~842~~175.1638 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 03,867.0040 Overcollateralized reduction Amount 0.00 Specified O/C Amount 826,050.35 Overcollateralized Amount 826,050.35 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 3,867.40 Excess Cash Amount 0.00

COLLATERAL STATEMENT Collateral Description Mixed Fixed & Arm Weighted Average Coupon Rate 7.~~432380~~447654% Weighted Average Net Rate 7.~~026095~~039970% Weighted Average Pass Through Rate 6.~~921094~~934970% Weighted Average Maturity ~~263~~262 Record Date 0607/3029/2005 Principal and Interest Constant 1,~~275~~246,~~182~~782.82 Beginning Loan Count 1,~~698~~666 Loans Paid in Full 3244 Ending Loan Count 1,~~666~~622 Beginning Scheduled Balance ~~152~~148,~~045~~032,~~124~~947.5001 Ending Scheduled Balance ~~148~~143,~~032~~719,~~947~~253.0105 Ending Actual Balance at 3029-~~Jun~~Jul-2005 ~~148~~143,~~227~~917,~~742~~542.7783 Scheduled Principal ~~333~~329,~~335~~518.3358 Unscheduled Principal 3,~~678~~984,~~842~~175.1638 Scheduled Interest ~~941~~917,~~847~~264.4924 Servicing Fee 5150,~~478~~292.1216 Master Servicing Fee 109,~~136~~868.3486 Trustee Fee 0.00 FRY Amount 0.00 Special Hazard Fee 0.00 Other Fee 3,~~167~~084.6102 Pool Insurance Fee 0.00 Spread 1 0.00 Spread 2 0.00 Spread 3 0.00 Net Interest ~~877~~854,~~065~~019.4220 Realized Loss Amount 03,867.0040 Cumulative Realized Loss 26,~~151~~019.9030 Percentage of Cumulative Losses 0.~~0013~~0036 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 03,867.0040 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 826,050.35 Overcollateralized Amount 826,050.35 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00

Miscellaneous Reporting Overcollateralization Amount 826,050.35 Overcollateralization Increase Amount 03,867.0040 Overcollateralization Reduction Amount 0.00 Overcollateralization Target Amount 826,050.35 Ocwen 0.00 Ocwen Servicing Fee 0.00 Specified Overcollateralization Amount 826,050.35 Ocwen Service Fee Strip ~~8153~~7926.4003

Prepayment Detail - Prepayments during Current Period Summary Loans Paid In Full Repurchased Loans Original Current Original Current Principal Principal Principal Principal Group Count Balance Balance Count Balance Balance Total 3242 34,~~968~~595,~~236~~832.00 3,~~610~~885,~~290~~143.9830 0 0.00 0.00

Prepayment Detail - Prepayments during Current Period (continued) Summary Substitution Loans Liquidated Loans Curtailments Original Current Original Current Principal Principal Principal Principal Curtailment Group Count Balance Balance Count Balance Balance Amount Total 0 0.00 0.00 02 088,515.00 080,815.0010 6928,~~948~~680.1825

Prepayment Loan Detail - Prepayments during Current Period First Original Loan LTV at Payment Principal Prepayment Group Number State Origination Date Balance Amount Summary ~~0000260327~~0000260154 MDCA 7553.0068 2201-~~Nov~~Feb-~~1997~~1999 90510,000.00 83334,~~817~~537.6019 Summary ~~0000260487~~0000367753 MDPA 78114.7987 0105-~~Apr~~Jan-~~1999~~2001 ~~260~~41,~~000~~353.00 ~~238~~30,~~067~~115.4032 Summary ~~0000260515~~0000367798 CAPA 77100.4200 0111-~~Feb~~Dec-~~1998~~2000 ~~240~~5,~~000~~596.00 ~~217,574~~707.3700 Summary ~~0000260629~~0000367843 FLOH 9052.0091 0105-Dec-~~1993~~2000 ~~261~~11,~~000~~111.00 ~~216~~7,~~051~~720.9149 Summary ~~0000367731~~0000367924 IAOH 9594.5560 2506-~~Jan~~Nov-~~2001~~2000 9077,~~776~~574.00 8876,~~733~~878.8087 Summary ~~0000367750~~0000367938 KS 100.00 0517-~~Feb~~Oct-~~2001~~2000 1674,~~512~~692.00 1169,~~779~~140.2775 Summary ~~0000367756~~0000368013 KY 91.18 10-Jul-2000 32,826.00 26,103.93 Summary 0000368042 OH 100.00 1422-~~Jan~~Jun-~~2001~~2000 12,617.00 8,427.00 Summary 0000368122 IN 89.45 20-Mar-2000 42,~~621~~040.00 4133,~~485~~626.1240 Summary ~~0000367789~~0000368220 MIIN 100.00 2003-~~Dec~~Oct-~~2000~~1999 10,470.00 6,324.69 Summary 0000368228 IN 100.09 15-Sep-1999 71,~~629~~564.00 1158,~~284~~256.2884 Summary ~~0000367944~~0000368233 IN 90.3272 05-~~Oct~~May-~~2000~~1999 7358,~~162~~062.00 7250,~~527~~952.2148 Summary ~~0000368094~~0000368251 IN 89100.6300 0515-~~Jan~~Jun-~~2000~~1998 6145,~~845~~151.00 6030,~~749~~360.6371 Summary ~~0000368245~~0000368259 IN 9290.5671 1015-~~Oct~~Mar-1998 5759,~~853~~869.00 4051,~~948~~761.5564 Summary ~~0000368302~~0000368388 IN 74100.6300 05-~~Mar~~Aug-~~2000~~1997 6145,~~568~~665.00 6030,~~150~~147.8456 Summary ~~0000368312~~0000368607 INKY 8390.2286 0205-Apr-1998 59,061.00 30,765.46 Summary 0000368663 KY 81.59 30-Dec-1999 3744,~~447~~060.00 3340,~~262~~516.8860 Summary ~~0000368322~~0000368674 INKY 7325.3445 02-~~Aug~~Feb-~~1998~~1999 9919,~~011~~085.00 9311,~~740~~001.9367 Summary ~~0000368425~~0000368827 PAMI ~~100~~95.0032 2205-~~Apr~~Aug-1999 2033,~~737~~362.00 1617,~~215~~657.7605 Summary ~~0000368793~~0000369012 NEOH ~~100~~97.0055 1523-~~Apr~~Nov-~~1999~~1998 1182,~~368~~919.00 680,~~173~~108.10 Summary ~~0000369071~~0000369045 NEOH ~~100~~95.0012 0715-~~Jun~~Dec-1998 1665,~~820~~632.00 963,~~262~~097.2502 Summary ~~0000369104~~0000369105 OH 8894.1702 1015-~~Dec~~Oct-1997 5755,~~309~~474.00 4855,~~218~~036.9475 Summary ~~0000369297~~0000369142 OH ~~103~~75.4278 0515-~~Aug~~May-~~1996~~1998 5171,~~711~~994.00 3350,~~310~~118.4077 Summary ~~0000369454~~0000369147 OH 100.00 15-Jan-1998 8,713.00 799.11 Summary 0000369323 OH 90.5145 1011-~~Feb~~Sep-~~2000~~1996 5980,~~739~~497.00 591,~~933~~673.7355 Summary ~~0000369676~~0000369397 OH 7494.7420 0104-~~Feb~~Apr-~~2001~~1997 9570,~~672~~652.00 9565,~~176~~347.8602 Summary ~~0000369756~~0000369505 KYOH 80100.8000 1411-Sep-1998 13,341.00 2,866.64 Summary 0000369752 LA 9.70 21-Aug-2000 3119,~~431~~906.00 3013,~~976~~240.2191 Summary ~~0000369841~~0000369877 OHIN 8696.33 01-Aug-1999 72,248.00 64,212.33 Summary 0000369896 MI 63.23 01-~~Feb~~May-~~2000~~1999 ~~103~~55,~~200~~008.00 ~~101~~46,~~069~~768.7914 Summary ~~0000416917~~0000416965 DCWA 6087.0227 01-~~Oct~~Aug-~~2003~~2004 ~~152~~144,000.00 ~~148~~139,~~071~~579.1892 Summary ~~0000417073~~0000417036 NJWA 6089.90 01-Aug-2003 105,632.00 102,736.43 Summary 0000417097 NY 89.88 01-Aug-2003 ~~150~~260,200.00 253,000.28 Summary 0000417147 MD 99.21 01-Nov-2002 77,883.00 ~~135~~73,~~609~~900.3104 Summary ~~0000417093~~0000417153 CAFL 8890.6976 01-~~Sep~~Jul-2003 ~~290~~215,~~000~~095.00 ~~249~~208,~~172~~752.1642 Summary ~~0000417212~~0000417210 NHKY 89.9089 01-~~Jan~~Feb-2003 ~~172~~169,~~600~~000.00 ~~164~~156,~~725~~928.0694 Summary ~~0000417341~~0000417324 ORFL ~~101~~90.64 01-Oct-2001 59,370.00 52,558.10 Summary 0000417335 CA 89.96 01-~~Dec~~Sep-~~2002~~2003 ~~217~~311,~~375~~600.00 ~~209~~300,~~546~~128.0723 Summary ~~0000417343~~0000417336 CA 9790.6700 01-~~Jul~~Sep-~~2002~~2003 ~~131~~237,~~850~~825.00 ~~126~~230,~~702~~627.5183 Summary ~~0000417445~~0000417357 PA 79.96 01-Jun-2004 409,000.00 402,674.00 Summary 0000417384 FL 80.00 01-~~Oct~~Jul-~~1998~~2003 ~~284~~147,~~000~~200.00 ~~255~~143,~~616~~049.1641 Summary ~~0000417450~~0000417473 NYVA 80.00 01-Jan-1999 ~~372~~172,000.00 ~~340~~159,~~109~~598.2322 Summary ~~0000417462~~0000417507 MDCA 8070.00 01-Feb-1998 245,000.00 153,613.24 Summary 0000417515 NY 82.35 01-Jan-~~1999~~1998 ~~340~~280,000.00 ~~308~~220,~~831~~078.4708

Prepayment Loan Detail - Prepayments during Current Period (continued) Current Loan PIF Months Loan Original Group Number Type Delinquent Rate Term Seasoning Summary ~~0000260327~~0000260154 Loan Paid in Full 20 97.~~790~~000% ~~360~~180 9178 Summary ~~0000260487~~0000367753 Loan Paid in Full 1 13.500% 120 55 Summary 0000367798 Liquidation 0 615.~~875~~740% ~~360~~60 7556 Summary ~~0000260515~~0000367843 Loan Paid in Full 0 713.~~450~~250% ~~360~~120 8956 Summary ~~0000260629~~0000367924 Loan Paid in Full 0 76.~~250~~875% 360 ~~139~~57 Summary ~~0000367731~~0000367938 Loan Paid in Full 0 11.750% 240 57 Summary 0000368013 Loan Paid in Full 0 10.000% ~~360~~180 5361 Summary ~~0000367750~~0000368042 Loan Paid in Full 0 1214.~~990~~250% 120 5361 Summary ~~0000367756~~0000368122 Loan Paid in Full 0 1310.~~650~~250% 180 5464 Summary ~~0000367789~~0000368220 Loan Paid in Full 0 13.~~600~~500% 120 5470 Summary ~~0000367944~~0000368228 Loan Paid in Full 0(1) 810.~~500~~000% ~~392~~360 5771 Summary ~~0000368094~~0000368233 Loan Paid in Full 0 610.500% ~~360~~240 6675 Summary ~~0000368245~~0000368251 Loan Paid in Full 0 910.~~000~~250% 180 8186 Summary ~~0000368302~~0000368259 Loan Paid in Full 0 10.~~250~~990% ~~360~~240 6489 Summary ~~0000368312~~0000368388 Loan Paid in Full 0 610.250% 180 96 Summary 0000368607 Loan Paid in Full 0 8.500% 144 88 Summary 0000368663 Loan Paid in Full 0 13.000% 240 7567 Summary ~~0000368322~~0000368674 Loan Paid in Full 0 712.000% 123 78 Summary 0000368827 Loan Paid in Full 0 10.750% 120 72 Summary 0000369012 Liquidation 3 9.490% 360 8380 Summary ~~0000368425~~0000369045 Loan Paid in Full 0 116.~~740~~875% ~~180~~360 7480 Summary ~~0000368793~~0000369105 Loan Paid in Full 0 1210.250% ~~120~~365 7594 Summary ~~0000369071~~0000369142 Loan Paid in Full 0 159.250% 180 8587 Summary ~~0000369104~~0000369147 Loan Paid in Full 0 612.~~125~~750% ~~240~~96 91 Summary ~~0000369297~~0000369323 Loan Paid in Full 0 810.~~250~~240% ~~180~~120 107 Summary ~~0000369454~~0000369397 Loan Paid in Full 0 1112.~~000~~490% ~~300~~244 65100 Summary ~~0000369676~~0000369505 Loan Paid in Full 2 15.250% 120 83 Summary 0000369752 Loan Paid in Full 0 11.990% ~~360~~120 5359 Summary ~~0000369756~~0000369877 Loan Paid in Full 0 6.~~750~~500% ~~360~~240 5972 Summary ~~0000369841~~0000369896 Loan Paid in Full ~~(1)~~0 6.~~625~~750% ~~360~~240 6575 Summary ~~0000416917~~0000416965 Loan Paid in Full 0 5.~~375~~925% ~~360~~240 2112 Summary ~~0000417073~~0000417036 Loan Paid in Full 0 45.~~875~~800% ~~180~~360 2324 Summary ~~0000417093~~0000417097 Loan Paid in Full (31) 5.~~925~~800% 360 2224 Summary ~~0000417212~~0000417147 Loan Paid in Full 1 6.750% 360 33 Summary 0000417153 Loan Paid in Full (1) 65.~~875~~625% 360 25 Summary 0000417210 Loan Paid in Full 0 6.125% 240 30 Summary ~~0000417341~~0000417324 Loan Paid in Full 0 7.500% 240 46 Summary 0000417335 Loan Paid in Full 0 5.~~750~~000% 360 3123 Summary ~~0000417343~~0000417336 Loan Paid in Full 0 5.000% 360 23 Summary 0000417357 Loan Paid in Full 0 6.000% 360 14 Summary 0000417384 Loan Paid in Full 0 5.875% 360 3625 Summary ~~0000417445~~0000417473 Loan Paid in Full 0 7.~~500~~875% 360 8179 Summary ~~0000417450~~0000417507 Loan Paid in Full 0 67.~~875~~250% ~~359~~180 7890 Summary ~~0000417462~~0000417515 Loan Paid in Full 0 7.625% 360 7891

Prepayment - Voluntary Prepayments

Summary SMM CPR PSA Current Month 2.~~425~~697% Current Month 2527.~~515~~973% Current Month ~~425~~466.~~250~~224% 3 Month Average 2.~~501~~597% 3 Month Average 2627.~~205~~071% 3 Month Average ~~436~~451.~~749~~180% 12 Month Average 0.000% 12 Month Average 0.000% 12 Month Average 0.000% CPR: Current vs 12mo Average* PSA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Aug-2004 N/A N/A Aug-2004 N/A N/A~~ Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 25.822% N/A Apr-2005 430.359% N/A May-2005 25.376% N/A May-2005 422.931% N/A Jun-2005 27.724% N/A Jun-2005 462.065% N/A Jul-2005 25.515% N/A Jul-2005 425.250% N/A Aug-2005 27.973% N/A Aug-2005 466.224% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal) Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12) PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS)) Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))

Realized Loss Detail Report - Loans with Losses during Current Period Summary # Loans Prior Realized Current with Principal Loss/(Gain) Loss Group Losses Balance Amount Percentage Total 02 080,815.0010 03,867.0040 0.~~000~~003%

Realized Loss Loan Detail Report - Loans With Losses during Current Period Original Current Loan Principal Note LTV at Original Group Number Balance Rate State Origination Term NoSummary ~~losses~~0000367798 ~~this~~5,596.00 ~~period~~15.7400% PA 100.00 60 Summary 0000369012 82,919.00 9.4900% OH 97.55 360

Realized Loss Loan Detail Report - Loans With Losses during Current Period (continued) Prior Cumulative Loan Principal Realized Realized Group Number Balance Loss/(Gain) Loss/(Gain) NoSummary ~~losses~~0000367798 ~~this~~707.00 ~~period~~9.27 9.27 Summary 0000369012 80,108.10 3,858.13 3,858.13

Realized Loss Report - Collateral Summary

MDR SDA Current Month 0.~~000~~055% Current Month 01.~~000~~089% 3 Month Average 0.~~010~~018% 3 Month Average 0.~~195~~363% 12 Month Average 0.000% 12 Month Average 0.000% MDR: Current vs 12mo Average* SDA: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Aug-2004 N/A N/A Aug-2004 N/A N/A~~ Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.029% N/A May-2005 0.585% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A Aug-2005 0.055% N/A Aug-2005 1.089% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. CDR Loss Severity Approximation Current Month 0.~~000~~653% Current Month 04.~~000~~785% 3 Month Average 0.~~117~~218% 3 Month Average 1.~~524~~595% 12 Month Average 0.000% 12 Month Average 0.000% CDR: Current vs 12mo Average* Loss Severity: Current vs 12mo Average* Month Current 12mo Avg. Month Current 12mo Avg. ~~Aug-2004 N/A N/A Aug-2004 N/A N/A~~ Sep-2004 N/A N/A Sep-2004 N/A N/A Oct-2004 N/A N/A Oct-2004 N/A N/A Nov-2004 N/A N/A Nov-2004 N/A N/A Dec-2004 N/A N/A Dec-2004 N/A N/A Jan-2005 N/A N/A Jan-2005 N/A N/A Feb-2005 N/A N/A Feb-2005 N/A N/A Mar-2005 N/A N/A Mar-2005 N/A N/A Apr-2005 0.000% N/A Apr-2005 0.000% N/A May-2005 0.351% N/A May-2005 4.571% N/A Jun-2005 0.000% N/A Jun-2005 0.000% N/A Jul-2005 0.000% N/A Jul-2005 0.000% N/A Aug-2005 0.653% N/A Aug-2005 4.785% N/A *The text reported in the above table is presented *The text reported in the above table is presented graphically on the monthly bond remittance report. The graphically on the monthly bond remittance report. The monthly bond remittance report can be viewed online at monthly bond remittance report can be viewed online at www.ctslink.com. www.ctslink.com. Calculation Methodology: Monthly Default Rate (MDR): sum(Beg Principal Balance of Liquidated Loans)/ sum(Beg Principal Balance). Conditional Default Rate (CDR): 1-((1-MDR)^12) SDA Standard Default Assumption: If WAS is less than or equal to 30 then CDR/(WAS*0.02) else if WAS is greater than 30 and less than or equal to 60 then CDR/0.6 else if WAS is greater than 60 and less than or equal to 120 then CDR/(0.6 - ((WAS-60)*0.0095)) else if WAS is greater than 120 then CDR/0.03 Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)

Filing Compare · ACE Securities Corp Home Equity Loan Trust, Series 2005-SN1